Showing posts with label E-Banking. Show all posts
Showing posts with label E-Banking. Show all posts

Monday, December 17, 2012

Trying to make sites more trustworthy with users' personal data

A new certification program aims to make websites more transparent about sharing users' personal data. 
 
(CNN) -- There's a lack of trust between Internet users and the websites that collect their private data.
These sites aren't going to stop gathering personal information anytime soon, but one company hopes to make the exchange less mysterious when people sign on to a site using a social-media profile.

Logging in to third-party sites or commenting systems with Facebook, Twitter, Yahoo, Google+ and other social profiles is common -- 53% of people have done it, according to a recent study by Gigya, which handles these social logins for major sites such as Pepsi, CBS and Verizon. But Gigya is more interested in the other 47% who don't use social logins and what it can do to change their minds.

In theory, signing in to a third-party site with an existing social-media account should make life a bit easier. There are no forms to fill out, no new passwords and login names to memorize. Just enter two bits of information you're already intimately familiar with from checking Facebook or Twitter a million times. Once logged in, you might even like how easy it is to share content on your profile, or enjoy seeing what your friends bought, read, listened to or watched.

In exchange for these benefits, you give that company access to personal information telling them who you are, such as your age, gender, location, e-mail address, list of friends and what your interests are. That data is extremely valuable, and is used to tailor the site or app experience to individual visitors. People who log in with a social-network profile are better customers. They stick around longer and are more engaged.
The holdouts who avoid signing in with social profiles don't want to give third-parties the keys to their personal data. They believe companies will take their profile information and sell it, spam their friends or post to their social networks without permission, according to the Gigya survey.

"There's a real question of transparency and trusting, and confusion as to what's happening," said Gigya CEO Patrick Salyer. He believes much of it is a "perception issue" and that increased transparency between companies and customers would be mutually beneficial.

That's where the Gigya's new SocialPrivacy Certification program comes in. In exchange for publicly promising to use data responsibly, sites can sport a seal proclaiming that they are certified as trustworthy. The companies must follow these rules: they will not sell your data or your friends' data, spam you with e-mails, post on your social networks or contact your friends without permission.

Gigya is training a team of 35 employees in its client-services department to audit companies to ensure they adhere to the criteria. The companies are vetted when they first request certification and audited regularly after they're signed up to make sure they're still sticking to the rules. Gigya has not settled on a price for the certification yet. Any site can apply for the program, and Gigya plans to develop a similar code of conduct for apps in the future.

In theory the certification will assuage consumers' fears, and in turn boost the usage of social logins across the web. To increase the program's credibility, Gigya consulted privacy experts and collaborated on the final product with the Future of Privacy Forum, a privacy think tank in D.C. supported by companies such as Google, Amazon and Facebook.
Currently there aren't any laws regulating what sites and apps can do with your personal information, and companies are hoping to stave off any government regulation by taking matters into their own hands with initiatives like SocialPrivacy Certification.

"There's no obligation to be a good privacy citizen unless it's health or banking information," said Jules Polonetsky, director and co-chair of the Future of Privacy Forum.

Facebook, Twitter and some other networks have guidelines for developers that prohibit some of these behaviors, including bans on selling data. But by taking it one step further and publicly declaring it won't misuse personal data, a site can suddenly be held accountable for any violations by a group with a bit more power: the Federal Trade Commission.

"The FTC can sue you for making a deceptive statement to users who relied on that when they signed onto your site," said Polonetsky.

The SocialPrivacy Certification program is launching with a handful or partners, including Martha Stewart and the Toronto Globe and Mail. Until it becomes standard across the industry, its usefulness will be limited. But as long as people remain paranoid and hesitant to share their information, sites that want that data will be motivated to be more transparent.
 

Tuesday, September 13, 2011

How ebanking can ease your life


Penalty due to non-payment of bill is not new to anyone of us. And quite obviously, who likes the long procedure of writing a cheque, standing in a long queue and then ensuring that the particular amount is available in your bank account? Similarly, Mr Sharma, who is on business tour for at least 25 days a month, finds it difficult to clear his dues on time because of his busy schedule.



He, like many of us, was possibly not aware of the online services, banks are offering these days. With just a click, all his dues would have been cleared long back. However, it's never too late to mend.
Indian banks are trying to make your life easier. Not just bill payment, you can make investments, shop or buy tickets and plan a holiday at your fingertips. In fact, sources from ICICI Bank [ Get Quote ] tell us, "Our Internet banking base has been growing at an exponential pace over the last few years. Currently around 78 per cent of the bank's customer base is registered for Internet banking."

To get started, all you need is a computer with a modem or other dial-up device, a checking account with a bank that offers online service and the patience to complete about a one-page application--which can usually be done online. You can avail the following services.

Bill payment service
Each bank has tie-ups with various utility companies, service providers and insurance companies, across the country. You can facilitate payment of electricity and telephone bills, mobile phone, credit card and insurance premium bills.
To pay your bills, all you need to do is complete a simple one-time registration for each biller. You can also set up standing instructions online to pay your recurring bills, automatically. One-time standing instruction will ensure that you don't miss out on your bill payments due to lack of time. Most interestingly, the bank does not charge customers for online bill payment.

Fund transfer
You can transfer any amount from one account to another of the same or any another bank. Customers can send money anywhere in India. Once you login to your account, you need to mention the payees's account number, his bank and the branch. The transfer will take place in a day or so, whereas in a traditional method, it takes about three working days. ICICI Bank says that online bill payment service and fund transfer facility have been their most popular online services.

Credit card customers
Credit card users have a lot in store. With Internet banking, customers can not only pay their credit card bills online but also get a loan on their cards. Not just this, they can also apply for an additional card, request a credit line increase and God forbid if you lose your credit card, you can report lost card online.

Railway pass
This is something that would interest all the aam janta. Indian Railways has tied up with ICICI bank and you can now make your railway pass for local trains online. The pass will be delivered to you at your doorstep. But the facility is limited to Mumbai , Thane, Nashik, Surat  and Pune. The bank would just charge Rs 10 + 12.24 per cent of service tax.

Investing through Internet banking
Opening a fixed deposit account cannot get easier than this. You can now open an FD online through funds transfer. Online banking can also be a great friend for lazy investors.
Now investors with interlinked demat account and bank account can easily trade in the stock market and the amount will be automatically debited from their respective bank accounts and the shares will be credited in their demat account.

Moreover, some banks even give you the facility to purchase mutual funds directly from the online banking system.

So you need not worry about filling those big forms for mutual funds, they will now be just a few clicks away. Nowadays, most leading banks offer both online banking and demat account. However if you have your demat account with independent share brokers, then you need to sign a special form, which will link your two accounts.

Recharging your prepaid phone
Now you no longer need to rush to the vendor to recharge your prepaid phone, every time your talk time runs out. Just top-up your prepaid mobile cards by logging in to Internet banking. By just selecting your operator's name, entering your mobile number and the amount for recharge, your phone is again back in action within few minutes.

Shopping at your fingertips
Leading banks have tie ups with various shopping websites. With a range of all kind of products, you can shop online and the payment is also made conveniently through your account. You can also buy railway and air tickets through Internet banking.

Internet banking versus traditional method
Inspite of so many facilities that Internet banking offers us, we still seem to trust our traditional method of banking and is reluctant to use online banking. But here are few cases where Internet banking will turn out to be a better option in terms of saving your money.
'Stop payment' done through Internet banking will not cost any extra fees but when done through the branch, the bank may charge you Rs 50 per cheque plus the service tax.
Through Internet banking, you can check your transactions at any time of the day, and as many times as you want to.

On the other hand, in a traditional method, you get quarterly statements from the bank and if you request for a statement at your required time, it may turn out to be an expensive affair. The branch may charge you Rs 25 per page, which includes only 30 transactions. Moreover, the bank branch would take eight days to deliver it at your doorstep.

If the fund transfer has to be made outstation, where the bank does not have a branch, the bank would demand outstation charges. Whereas with the help of online banking, it will be absolutely free for you.
As per the Internet and Mobile Association of India's report on online banking 2006, "There are many advantages of online banking. It is convenient, it isn't bound by operational timings, there are no geographical barriers and the services can be offered at a miniscule cost."

Security Precautions
Customers should never share personal information like PIN numbers, passwords etc with anyone, including employees of the bank. It is important that documents that contain confidential information are safeguarded. PIN or password mailers should not be stored, the PIN and/or passwords should be changed immediately and memorised before destroying the mailers.

Customers are advised not to provide sensitive account-related information over unsecured e-mails or over the phone. Take simple precautions like changing the ATM PIN and online login and transaction passwords on a regular basis. Also ensure that the logged in session is properly signed out.

Wednesday, August 31, 2011

Internet Banking in Bangladesh




Internet Banking is growing popular day by day in Bangladesh. A number of private as well as local banks are going online now considering the demand and necessity of fast banking. Internet banking not only provides banking facility round the clock but also helps a country to get attached to the international economy as well as business. People throughout the world are now getting engaged with more activity and business and hence need the fast and anytime access to his/her bank account. Internet banking also facilitates buying and selling various products which varies country to country.

In Bangladesh many banks have launched Internet Banking. Amongst those HSBC, City Bank, BRAC Bank, Bank Asia, Jamuna Bank, Janata Bank, Southeast Bank, AB Bank, First Security Bank, Mercantile Bank, Premier Bank etc are in action already. Some are known as online banking, some are Internet Banking, providing various facilities. Like City Bank has the facility of account check and statement print including query about cheque book information. Bank Asia has almost same facilities but with addition they have internal fund transfer facility along with bill payment and mobile phone recharge which are, in fact quite handy.

Mercantile bank has a schedule for internet banking. It is Sunday to Thursday, 9am-3pm. They have the facility of money transaction, deposit and withdrawal though they charge a particular amount for each transaction according to their policy, it is a relief if you don’t have to go to bank for depositing and drawing money, isn’t it?

HSBC and BRAC Bank are clearly not satisfied with the transaction thing only in internet banking. They thought of something more and desiring and customized the service to its best for their clients and getting better day by day. HSBC has a whole lot of features in their online banking that includes 24/7 account access, loan account information, net- worth information, transaction amongst accounts, bill pay, personal information update, demand draft,  ATM info or PIN replacement request, chequebook order and lot more.

BRAC bank is one step ahead because for the first time they have introduced online shopping in Bangladesh. With exclusive features and facility BRAC bank also provides general online facility like the other banks. BRAC bank’s online shopping facilitates merchants to buy any product as they need online, they can customize the offers as well. Those who may have BRAC Bank VISA card or any VISA card can be a part of this online shopping service.

As the world economy is growing faster and banking sector is making mark each and every day, online banking is very important and effective to be a part of it. Bangladesh just started its journey in internet banking and banks are coming forward to make it a success. Online banking is clearly a huge benefit for the customers and saves a lot of time and things get done so easily. A developing country like Bangladesh can make the best out of Internet Banking and banks are completely into it.

Sunday, December 26, 2010

E-Banking Features

E-Banking Features, Structures, Cyber Cash, Availability, Capability. Acceptance, Problems, Hacking, Solutions:

The Features of Electric Banking:
1.    Available booths.
2.    24 hours cash withdrawal facility.
3.    Quick cash withdrawal facility without having queue.
4.    Account activities enquiry in any moment.
5.    Statement request through ATM/Debit/Credit card.
6.    Transfer Own funds to other account number in same bank.
7.    Present balance inquiry.
8.    Deposit or mail cash or cheque (cross cheque) through mechanical inquiry.
9.    Changing personal identity number (PIN).
10.    Slips of bills of every transaction.
11.    Mini statement which contains 8-10 previous transaction records.
12.    Capability of paying utilities bill.
13.    Withdrawal money using Visa Card, MasterCard, Maestro and other banks debit card.
14.    Withdrawal money from dollar account, which gives taka by converting foreign currency.


Structure of Electric Banking;
E-banking is a good general term referring to various computer-based technologies for delivering bank services. Electronic banking system can be divided into 2 categories by the functional characteristics:

1.    Bank-office electronic banking: This banking provides information management services and quick cash fund transfer facilities.
2.    Electronic Financial instruments: This banking provides customers all prescribed banking facilities in any remote areas or outlets.


Customer opinion of Electronic Banking:
According to many customers, online banking is the preferred transaction method among banking customers. So they are satisfied because:

1.    Online banking faster than visiting the bank
2.    Customer can withdraw money from anywhere and anytime.
3.    All the banks are under one network and anyone can drae money whenever he likes.
4.    No need to carry money.
5.    No chance of snatching or high jacking money as they PIN number of the card is secret.

Problems in E-banking:
In many cases people have some complaints also. The common types of problems they face are:

1.    ATM’s fall short of money.
2.    Slow bandwidth of internet may delay the transfer rate. Banks may delay to provide PIN number whenever client loses his Credit or Debit card.
3.    Power failure in the outlets
4.    Charges are higher for the card.
5.    Password fraud.
6.    Risk of debit or credit card forgery.
7.    Traditional habits of common people.

Hacking Problem in E-banking:
Most of the attacks on online banking used today based on deceiving the user to steal login data and valid TANs. Two well known examples are those tacks are phising and pharming. Cross-site scripting and key logger/Trojan horses can be used to steal the login information.

Countermeasures of the problems:
 There exist several counter measures which try to avoid attacks. Digital certificates are used against phising and pharming, the use of class-3 card readers is a measure to avoid manipulation of transactions by the software in signature based online banking variants. To protect their systems against Trojan horses, users should use virus scanners and be careful with downloaded software and attachments.

Cyber Cash:
The generic cyber cash covers essentially three different electronic payment system:

1.    A debit card system.
2.    A debit card-based payment system.
3.    Cyber coin prepaid payment system for all small cash payments.

Cyber Cash is offered by various American and German banks and very soon will be launched in Bangladesh, if so it will be 3G e-banking in Bangladesh.


Related Articles:

E-Banking Bangladesh  
E-Banking Worldwide 

Wednesday, December 22, 2010

E-Banking Bangladesh

E-Banking Status, Opportunities, Various forms of E-Banking in Bangladesh:

There are currently 53 Banks working together in Bangladesh. The competition is going up day by day, especially between the private commercial banks. They are trying to exposure themselves as the better one to their customers by proving new banking services, developing the existing services and so on. E-Banking is known to Bangladesh since 1990. Electronic Banking has got tremendous importance in banking sector and banking customers too.

Status of E-banking in Bangladesh:
Currently in Bangladesh, there are 4 state owned Banks have 34% branches, 5 specialized banks have 1311 branches, 30 local private commercial banks have branches all across the country.

Various Forms of E-banking available:
1. Automated Teller Machine (ATM): An ATM is simply a data terminal with two input and four output devices. Like any other date terminal, the ATM has to connect to, and communicate through a host processor. Now only DBBL (Dutch Bangla Bank Limited) has more than hundred of ATMs in Bangladesh.

2. SMS Banking: SMS allows you to do some banking inquiries on your mobile from anywhere under the mobile network coverage in a country. SMS Banking is developed to provide transactions related to client’s car number via SMS using cell phones. Bangladesh needs to develop SMS banking as most of the area of Bangladesh is already covered by Mobile networks.

3. Tele Banking: Tele Banking is form of remote banking which is essentially the delivery of branch financial services via telecommunication devices, where the bank customer can perform retail transactions by dialing a touch one telephone or mobile communication unit.

4. Online Banking: Banks are considering online backings as a powerful “value added” tool to attract and retain new customers. Online Banking (Internet Banking) is a term used to perform transactions, payments etc.over the internet through a bank’s secure website. Currently the internationally usage of VISA or MasterCard online from Bangladesh is very limited, which is an obstacle in the way of the online workers, who has to perform online transactions frequently. As PayPal, a trusted 3rd party online Transactions Company is still not available in Bangladesh, the banks should come forward and take steps to solve this problem. It will boost the purpose of making Digital Bangladesh.

Prospect of E-Banking in Bangladesh:
Bangladesh has been connected with the information super highway on the 20th of May, 2006. It is a landmark of ICT sector of Bangladesh. The cable network covering some around 786 miles across the country from Bay of Bengal will provide a fiber optic link with a date transfer capacity of 10 gigabits per second basing on the ICT facilities our e-banking is established. Electronic Banking allows banks to expand their markets for traditional deposit taking and credit extension activities and to offer new products and service s or strengthen their competitive position in officering existing payment service. In addition, e-banking could reduce operation costs for banks. More broadly, the continued development of e-banking and electronic money may contribute to improving the efficiency of the banking and payment system and to reduce the cost of retail transactions nationally and internationally. The development in information technology has contributed positively to e-banking through several channels. Banks have been increasing their own size and financial strength and expanding the scope of their products lines to meet the growing of online real time financial services through e-banking.

Constraints of Electric Banking in Bangladesh:
Emergence and growth of Electric Banking of a country depends on the following factors:

1.    Availability and growth of telecommunication instructors.
2.    ICT operation in electric banking sectors.
3.    Culture of using electric banking.
4.    Legal and regularity framework
5.    The users of electric banking are in urban areas.
6.    Infrastructure of villages is not suitable for electronic banking.

Recommendations of E-banking for Bangladesh:
Since 1992 the e-banking is going on all over the country but it is still many theoretical and technical hurdles. Some recommendations are listed below to overcome and improve the current situations:

1.    E-banking services should try to mobilize more deposit schemes through better marketing and innovative measures.
2.    E-banking system should be more flexible.
3.    E banking should develop their communication among branches.
4.    The decision making process should be faster
5.    SME section of banking should be more flexible.
6.    Need to establish more ATM booths.
7.    E-banking service should be according to the customer expectation and satisfaction.
8.    E-banking service should be resolve the entire problems very quickly that the customer face in online transaction.
 9.    The bank should arrange the demonstration programs for the clients to enjoy the service properly.
10.    Government should be pioneer to develop the IT infrastructure.

With overall discussion we can conclude the issue of E-banking's future in Bangladesh is that it can be very prosperous. With the resource Bangladesh has, it can be beneficial for the companies too. Just need some proper cares to be taken. It is also needed that the Govt. steps forward. The Bank companies need to to deal with appropriate authority to make E-Banking more available in Bangladesh.


Related Articles:

E-Banking Worldwide 
E-Banking Features

E-Banking Worldwide

Worldwide E-Banking Service:



By E-Banking or online banking we mean the Any Branch Banking facility. Through which one can enjoy the benefits of being able to access one’s bank account from any other branches and extension countries across the country. Any branch banking enables customers to make withdrawals and remittances at any branch of their bank, anywhere in the country. E-banking can play a significant role in uplifting the entire banking services and thus effect positively in country’s economy.

Introduction of E-Banking:
E-banking electronic banking is the waves of the future. It provides enormous in terms of case and cost of transactions, either through internet telephone or other electronic delivery channels. E-banking is considered to be segment of e-business to the extent that banks are involved in the conduct of business transactions via electronics media.

What is E-banking?
Electronic banking is transforming the financial services industry through carious impossible innovations of modern technology. E-banking uses particularly information technology to generate, collect and process information about bank operation and bank customers efficiently and effectively.

History of E-Banking:
The precursor for the modern home and online banking service services were the distance banking services over the electronic media from early 1980s. The term online became popular in late ‘80s and referred to the use of a terminal, keyboard and TV (a monitor) to access the banking system using a phone line. Online service started in New York in 1981, when four of the city’s major banks (Citibank, Chase Manhattan, Chemical and Manufacturer Hanover) offered home banking service using the videotext system.

Courtesy: Current World


Related Articles:

E-Banking Bangladesh 
E-Banking Features
 

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